EB Watch List Update Report

Dear Members: Today is a modified update. What stands out today? The VIX, down 15% in spite of higher than expected inflation readings. Along with the move lower in the VIX the market has been all over the place with futures on the Dow up 150 then down 300 and now with the Dow down 100. Wow! Already the VIX has dipped below its 200 day moving average intra day. And now traders are trying to figure all of this out. To me it's a positive; the panic we saw last week and into this week has subsided. There's room for the market to move higher. First hurdle today on the S&P will be 2672, Monday's high. If the bulls can negotiate that level then the next key level of resistance will be up near the 20 day moving average near 2714. To the downside we can watch today's low of 2648 to see if that hold on any selling. Already that represents a higher high from yesterday which I would consider bullish. Stocks on Watch List: IBM - Stock is headed in the right direction with our target remaining $156. SNAP - Stock is up 1.5% and any close above $19 would be bullish. VAR - Stock is fairly flat. Would like to see it close back above its 20 day moving average, currently at $117.49 which would be bullish. I will be back tomorrow with a full report. At your service, John Hopkins EarningsBeats